Metro International S.A. (“Metro”) today announced that it has sold off its shares in Metro France to Télévision Française 1 (“TF1″). As part of this transaction, Metro has entered into license and services agreements with the new owner who will continue to publish the Metro newspaper in France.
The transaction was completed today. Metro is expected to receive revenues under the new license and services agreements from 2011 onwards. Based on a company valuation of €10.0 million (Metro held 65.7 percent of the shares in the company) the total consideration for Metro’s shares, after adjusting for net debt and net working capital, was €3.9 million, which will result in a net gain of €6.3 million.
Metro France was launched in 2002 and is today the second most read daily newspaper in France. TF1 is the largest broadcaster in France and views the transaction as an opportunity to expand its offer of free news and entertainment in all media channels.
Per Mikael Jensen, President and CEO of Metro International, commented: “France is an important market for international advertisers and we are therefore pleased to keep the Metro brand in the market. We have a productive partnership with TF1 and we are confident that they are the right company to take Metro France into the next phase.”
For further information please visit www.metro.lu or contact:
|Per Mikael Jensen, President & CEO||+44 78 4167 3230|
|Anders Kronborg, CFO||+44 79 1254 0800|
ABOUT METRO INTERNATIONAL AND METRO
Metro is the largest international newspaper in the world. Metro is published in over 100 major cities in 20 countries across Europe, North & South America and Asia. Metro has a unique global reach – attracting a young, active, well-educated Metropolitan audience of 17 million daily readers.
Metro International S.A. shares are listed on Nasdaq OMX Stockholm through Swedish Depository Receipts of series A and series B under the symbols MTROA and MTROB.